Hong Kong's Lands Department received 18 bids from interested developers for a land parcel in Kai Tak, Kowloon, which is valued between HK$4.6 billion and HK$5 billion, the South China Morning Post reported.

Cheung Kong Property Holdings Ltd., China Overseas Land & Investment Ltd., China Resources Land Ltd., Sun Hung Kai Properties Ltd. and New World Development Co. Ltd. are some of the developers that tendered their offers for Kai Tak Area 1L Site 1, as bidding closed Jan. 20, according to the same-day report.

The site is intended for residential use and has the potential for a total gross floor area of 425,000 square feet.

Kai Tak is expected to be Hong Kong's second central business district after land plots in the area have been acquired for record prices. These include a K. Wah International Holdings Ltd. unit's approximately HK$5.87 billion winning tender for New Kowloon Inland Lot No. 6566 and Denco Properties Ltd.'s HK$5.41 billion bid for New Kowloon Inland Lot No. 6562 in December 2016.

The Lands Department also launched a tender for a residential site at Lee Nam Road, Ap Lei Chau. Surveyors valued the site at HK$11.4 billion and said that it could provide a total gross floor area of 763,091 square feet. Bids will be accepted until noon on Feb. 17, local time.